Following the Reserve Bank of Australia’s (RBA) decision to reduce the official cash rate, we’ve reviewed our interest rates to ensure we’re offering members our best rates possible.
Home Loan Interest Rates - Effective 19 November 2020
We’re pleased to announce that we will be passing on the full 0.15% p.a. RBA rate reduction on our Straightforward Investment Loan and all MOVE Bank variable owner-occupied home loans.
Important information
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Interest rate reductions will be effective 1 December 2020 for existing members, and 19 November 2020 for new loans
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We’ll be emailing members affected by these changes with further information about their repayments and interest rates
Deposit Interest Rates
We’ve also made the difficult decision to reduce interest rates on our online savings accounts and term deposits.
As a mutual bank, we’re committed to giving all members a fair deal, while carefully balancing the interests of our borrowers and depositors. The record low interest rate environment and narrowing margin between the interest earned on our loans and paid on our deposits has made the decision to reduce deposit rates necessary.
Savings accounts - Effective 1 December 2020
|
Product |
New Rate |
|
Express Saver |
0.75% p.a. |
|
First Home Saver |
0.75% p.a. |
|
Bonus Saver # |
Base rate: 0.10% |
#Please note: The Bonus Saver is currently suspended and will be re-opened from 19 November 2020
Term deposits- Effective 19 November 2020
|
Term Deposits |
Current Rate |
New Rate |
|
I3 3 Months |
0.80% |
0.65% |
|
I4 4 Months |
0.70% |
0.65% |
|
I5 5 Months |
0.70% |
0.65% |
|
I6 6 Months |
0.90% |
0.75% |
|
I7 7 Months |
0.85% |
0.75% |
|
I8 8 Months |
0.85% |
0.75% |
|
I9 9 Months |
0.85% |
0.75% |
|
I10 10 Months |
0.85% |
0.75% |
|
I11 11 Months |
0.85% |
0.75% |
|
I12 12 Months |
1.00% (no change) |
|
|
I13 13 to 14 Months |
1.00% |
0.85% |
|
I30 15 to 24 Months |
1.05% |
0.90% |
|
I40 12 to 14 Months |
0.90% (no change) |
|
|
I50 15 to 24 Months |
0.95% |
0.80% |
If you have any questions about these changes, please contact us on 1300 362 216 or email us at info@movebank.com.au.
Interest rates subject to change. All rates quoted are per annum (p.a.) Fees and charges apply. *The comparison rate is based on a secured loan of $150,000 for a term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. AFSL/Australian Credit License 234 536. ^ Bonus interest rate applied on balances up to $250,000 when the account holder makes a minimum deposit of $200 and no withdrawals within a calendar month. Otherwise the base interest rate will apply.
